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LAKE COMO — Got an extra half million bucks laying around? Looking for a way to take advantage of record low interest rates?
One way to put it to good use might be to take advantage of an exceedingly rare opportunity to own an entire Wayne County community’s namesake.
Lake Como, a 74 acre lake in Preston Township, is up for sale along with 26 adjoining acres of raw land ripe for development by some lucky buyer flush with cash.
According to sellers’ agent Tim Meagher, interested parties may have to move quickly to take advantage of this opportunity, however, because in the roughly two weeks the property has been on the market, he has already been contacted by a number of interested potential buyers, including some from as far away as Spain.
With 40 other property owners scattered around the lake paying annual leases for rights to the water and the possibility of 49 percent of the profits from future gas leases, the property also offers buyers significant yearly income. Included in this are a number of summer camps and seasonal cottages, though Meagher says the secluded area is largely quiet and peaceful and powerboats are not allowed on the lake.
So what should one expect to pay for 100 acres with so much to offer in terms of possibilities? Just $459,000.
That may sound like a lot to most of us, but considering that just a few years ago such a rare find might have cost upwards of $1 million, Meagher says the property is a steal.
“Within the past few months,” he said, “sellers have become much more realistic about pricing in the current market.”
Steven Jennings, the attorney representing the family selling the property, says though the sale of Lake Como is somewhat unusual in the fact that it comes with so many cottages leasing use of the lake, such sales are is not unheard of in Wayne County.
In fact, Jennings said the sale of Elk Lake — and the resulting lawsuits over water rights — years ago set forth much of Pennsylvania’s complex case law on water rights issues.
LAKE COMO — Got an extra half million bucks laying around? Looking for a way to take advantage of record low interest rates?
One way to put it to good use might be to take advantage of an exceedingly rare opportunity to own an entire Wayne County community’s namesake.
Lake Como, a 74 acre lake in Preston Township, is up for sale along with 26 adjoining acres of raw land ripe for development by some lucky buyer flush with cash.
According to sellers’ agent Tim Meagher, interested parties may have to move quickly to take advantage of this opportunity, however, because in the roughly two weeks the property has been on the market, he has already been contacted by a number of interested potential buyers, including some from as far away as Spain.
With 40 other property owners scattered around the lake paying annual leases for rights to the water and the possibility of 49 percent of the profits from future gas leases, the property also offers buyers significant yearly income. Included in this are a number of summer camps and seasonal cottages, though Meagher says the secluded area is largely quiet and peaceful and powerboats are not allowed on the lake.
So what should one expect to pay for 100 acres with so much to offer in terms of possibilities? Just $459,000.
That may sound like a lot to most of us, but considering that just a few years ago such a rare find might have cost upwards of $1 million, Meagher says the property is a steal.
“Within the past few months,” he said, “sellers have become much more realistic about pricing in the current market.”
Steven Jennings, the attorney representing the family selling the property, says though the sale of Lake Como is somewhat unusual in the fact that it comes with so many cottages leasing use of the lake, such sales are is not unheard of in Wayne County.
In fact, Jennings said the sale of Elk Lake — and the resulting lawsuits over water rights — years ago set forth much of Pennsylvania’s complex case law on water rights issues.
